the vacuum level. In the microwave domain, these amplifiers have been utilized to measure qubits in elementary quantum processors, search for dark matter, facilitate high-sensitivity spin resonance spectroscopy and have even been proposed as the building blocks for a measurement based quantum computer. Until now, microwave DPAs have almost exclusively been made from nonlinear Josephson junctions, which exhibit high-order nonlinearities that limit their dynamic range and squeezing potential. In this work we investigate a new microwave DPA that exploits a nonlinearity engineered from kinetic inductance. The device has a simple design and displays a dynamic range that is four orders of magnitude greater than state-of-the-art Josephson DPAs. We measure phase sensitive gains up to 50 dB and demonstrate a near-quantum-limited noise performance. Additionally, we show that the higher-order nonlinearities that limit other microwave DPAs are almost non-existent for this amplifier, which allows us to demonstrate its exceptional squeezing potential by measuring the deamplification of coherent states by as much as 26 dB.